After Loan Closing. (1) Upon written approval by USDA, the Lender may cause to be issued a series of new notes, not to exceed the total provided in 2.a. above, as replacement for previously issued guaranteed notes provided: (a) The Borrower agrees and executes the new notes. (b) The interest rate does not exceed the interest rate in effect when the loan was closed. (c) The maturity of the loan is not changed. (d) USDA will not bear or guarantee any expenses that may be incurred in reference to such reissue of notes. (e) There is adequate collateral securing the notes. (f) No intervening liens have arisen or have been perfected and the secured lien priority remains the same. (g) All holders agree USDA will issue the appropriate Loan Note Guarantees to be attached to each of the notes then extant in exchange for the original Loan Note Guarantee which will be cancelled by USDA.
Appears in 6 contracts
Samples: Lender’s Agreement, Lender’s Agreement, Lender's Agreement
After Loan Closing. (1) Upon written approval by USDA, the Lender may cause to be issued a series of new notes, not to exceed the total provided in 2.a. above, as replacement for previously issued guaranteed notes provided:
(a) The Borrower agrees and executes the new notes.
(b) The interest rate does not exceed the interest rate in effect when the loan was closed.
(c) The maturity of the loan is not changed.
(d) USDA will not bear or guarantee any expenses that may be incurred in reference to such reissue of notes.
(e) There is adequate collateral securing the notes.
(f) No intervening liens have arisen or have been perfected and the secured lien priority remains the same.
(g) All holders agree USDA will issue the appropriate Loan Note Guarantees to be attached to each of the notes then extant in exchange for the original Loan Note Guarantee which will be cancelled by USDA.
Appears in 2 contracts
Samples: Lender's Agreement, Lender’s Agreement
After Loan Closing. (1) Upon written approval by USDA, the Lender may cause to be issued a series of new notes, not to exceed the total provided in 2.a2. a. above, as replacement for previously issued guaranteed notes provided:
(a) The Borrower agrees and executes the new notes.
(b) The interest rate does not exceed the interest rate in effect when the loan was closed.
(c) The maturity of the loan is not changed.
(d) USDA will not bear or guarantee any expenses that may be incurred in reference to such reissue of notes.
(e) There is adequate collateral securing the notes.
(f) No intervening liens have arisen or have been perfected and the secured lien priority remains the same.
(g) All holders agree USDA will issue the appropriate Loan Note Guarantees to be attached to each of the notes then extant in exchange for the original Loan Note Guarantee which will be cancelled by USDA.
Appears in 2 contracts
Samples: Lender's Agreement, Lender's Agreement
After Loan Closing. (1) Upon written approval by USDA, the Lender may cause to be issued a series of new notes, not to exceed the total provided in 2.a. 2(i) above, as replacement for previously issued guaranteed notes provided:
(a) The Borrower agrees and executes the new notes.
(b) The interest rate does not exceed the interest rate in effect when the loan was closed.
(c) The maturity of the loan is not changed.
(d) USDA will not bear or guarantee any expenses that may be incurred in reference to such reissue of notes.
(e) There is adequate collateral securing the notes.
(f) No intervening liens have arisen or have been perfected and the secured lien priority remains the same.
(g) All holders Holders agree USDA will issue the appropriate Loan Note Guarantees to be attached to each of the notes then extant in exchange for the original Loan Note Guarantee Guarantees which will be cancelled by USDA.
Appears in 1 contract
Samples: Lender's Agreement
